The pair made a short-term top at the 1.37 levels. Perhaps, we can consider it as a double top in the monthly chart at the 1.37 levels. Until the pair break the 1.37 level, traders can make money using "selling the rally" strategy. Bulls will be back on track only above the 1.37 levels. For the July month, the pair has strong support at 1.34 (50-month Sma) with intermediate support at 1.3575, 1.35, 1.3477, and 1.3420 (50-week some). On the down side, the open target existed at the 1.33 and 1.32 levels with sl 1.37. We can see a free fall mode below 1.34 for the 1.32 levels.
For an intra week, the pair will face strong resistance at 1.3660 (50-day Sma) above 1.37 which is a monthly key resistance level. On the down side, it has found support at 1.3630 and 1.3615 (200-day Sma) breaking below this. The selling pressure will take the pair towards the 1.36,1.3575, and 1.35 levels.
1.37-1.3575= 0.0125
0.0125-1.3575= 1.3450
We can see some up move only above 1.3651 for 1.3660/1.3665, 1.3675 and 1.37
We are bullish only above 1.37, until sell is on an upmove.
The material has been provided by InstaForex Company - www.instaforex.com
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